Subscribe in a reader News out of the EU is rallying the market today, but Nike & Ford earnings paint a different picture. El-Erian of PIMCO believes this rally will run out of steam. We have resistance @ 1360 100ma. ITZ took a 1/4 position short via SPXU will add @ 1360...looking for a retracement. ITZ has taken a 1/4 position in Proshares Ultra Proshort S&P500 ETF (SPXU) @ $48.35. Look to add as the S&P500 tests resistance 1360. Note- this is the end of the quarter and market is being bid up, next week we have a holiday & BLS Jobs Report, for July... China CPI,PPI & GDP, FOMC minutes, U.S. GDP, earnings season begins on the 10th. That's a lot of data coming that could quickly extinguish this rally.
Mohamed El-Erian, Pimco CEO & co-CIO, says it is increasingly inevitable that Greece will exit the euro zone, adding that Spain shows investors are losing confidence in policymakers.
11 comments:
Added into close at $SPX tested 1360 level, added 1/4 position @ $47.25. Now @ 1/2 position average cost nasis (ACB) $47.80. We could see some follow through MOnday, usually 1st days of the new Q are up. But as ITZ notes...we're heading into some headwinds and there are dark clouds on the horizion. Buy some insurance!
Adding another 1/4 position here @ $46
update 1/4 positioon @ $48.35, $47.25 & $46....avg cost basis $47.20
Weak June BLS Jobs # today 80k, markets selling off, ITZ expects Fed action soon, QE3 still on the table. $SPXU trading above $48, set STOP on the 3/4 position to $47.50 (cost basis is $47.20)
Looking to add remaming 1/4 position on $SPXU on a break over $48.60
Added to $SPXU $48.60 avg cosy $47.55...raise stop to $47.60
$SPX 8hour chart Stochs/RSI gave buy signal y'day similar to 5/18, 6/4, 6/13, 6/26 ITZ stopped out $SPXU $47.40 (-$0.15 ~$47.55 cost basis)
$SPY 134.70 a break below & will re-enter $SPXU
Back in $48.60 Stop $48.50
Raise stop from $48.50 to $49.00
Stopped Out this morning @ $49, +$0.40
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